Loan not approved by AXIS bank

[Rahulkool]

here is the story,

i wanted to purchase a Palio 1.6 and have salary account in axis bank so, i thought of calling them first.

well agent came the very next day(monday) and asked about which car i have purchase, and other details. filled a form and asked million paper from me as proof, i provided everything very next day. then he said its FIAT vehicle and they have very less resale value so he can provide only 70% of OTR price. i said ok no problem go ahead. he said that processing will take 3-4 days and by monday i will get the money.

so, on thusday i went and booked the vehicle as the sales person at tata motors told me on monday that they have ordered 1.6 and they expect the car to arrive at friday.

and today evening the agent called me and said that loan is rejected by the bank and i need to have a co-applicant(only family member) who is living in chennai :-/ . As i have only 1.2 years of job experience, if it was 2 years there was no problem. another thing he was telling me always that u are a bachelor, so that another problem. he gave same excuse today and i totally frustrated asked him that sud i get married to get a car loan

anyways my main compain is they should have informed about this when i was applying for the loan, they have wasted almost one week of mine. and in between they have called me 100 times for confirmation as well as in my office/friends and wat not. hell he even asked my college passing certificate photocopy lol with millions of other documents :( .

now my car is here and i don't have the money, have to start the loan process with another bank from scratch that will take another 3-4 days.

Stupid axis bank and their service. never gonna use axis bank again. i also wanted to complain about this. do u guys have any idea what should i do ??
also if there anything like that, i can't take loan if i have only 1.2 years job experience . and i don't even know much people in chennai so co-applicant thing is not prossible for me.

which bank should i approach, i have called ICICI and HDFC guys tomorrow. don't want to leave the car long in stock yard :(

[amtak]

Hey! Very Unfortunate instance in your case. I don't think ICICI or HDFC is great but I am sure they are quite organized in these matters. Why don't you approach TATA Finance for the same??

[finneyp]

Rahul, Banks do have some criteria for granting Loans, banks like Axis Bank, HDFC Bank follow this criterion very strictly, but some like ICICI Bank are not very stringent & will suggest some alternatives in case you are unable to fulfill some of its criterion.

Just try with ICICI Bank.
Also, if you know anyone working in a Bank, it will work out faster.

[VJ_MAVRICK]

Rahul, also try through your company also as many a time the companies have a tie up with some banks through some car leasing scheme and you can avail that.

Another option is to try with ICICI as "finneyp" said and i heard that they are slightly tolerant on some issues if you have proper documents regarding your appointment letter,salary slips and also your service letter which should put you in the good books.

[greenhorn]

no, but the point is , why not let us know the conditions upfront so that we can save both ours and their money.
I , and a lot of my friends were bugged to no end by SBI credit card salesmen. When we finally did all the paperwork, it got rejected.

I mean why bother us if they're gonna reject us anyway?

[Thil]

I had the same issue when I applied a loan from Kodak in 2006.Since I was a bachelor they didn't give me the loan (I had 6 years of job exp and 10 Lacks per year salary proof !).
The only thing they were worried was i was a bachelor and i should have a co applicant (in my case it's my Dad) ..I was very irritated by their approach .

[mclarenracer]

Rahul, hope you get a new loan, but getting married to get a car, with the depreciation value on a new car this trade will be a loose-loose option.

anyways go with tata financial, as the dealer already has the car on the lot, they might give you a better rate.

[reignofchaos]

HDFC offered me a loan inspite of me being a bachelor without much issues. I suggest you try them.

[LLL]

well here is the greatest fraud of all times according to me - Citibank rejected my housing loan application after making excuses for 1 month. Reason for rejection - they dont give loans for gurgaon properties. if that was the case, then why did they take my app in first place. i fought hard with them and got my application money back.

So in short - many of these banks in private sector dont have too much of ethics..will suggest you can also try dealers bank - i guess tata finance here.

[Rahulkool]

Talked to the HDFC guy and he is asking the same thing co-applicant :( ....

have also called icici and tata finance lets see .... will keep you guys updated

[praJEEP]

Originally Posted by reignofchaos

HDFC offered me a loan inspite of me being a bachelor without much issues. I suggest you try them.

At the time availing your loan, how many months or years old you were in your current job.

[Rahulkool]

called the so called manager at axis bank and gave him a good lecture, he was like no sir sorry sir lol

anyways he said he will mail again for confirmation, one of my senior also knew one branch head of axis bank. talked to the guy and he said he will try and reply me back on monday .... hopefully this will work out :(

[GTO]

i said ok no problem go ahead. he said that processing will take 3-4 days and by monday i will get the money.

so, on thusday i went and booked the vehicle as the sales person at tata motors told me on monday that they have ordered 1.6 and they expect the car to arrive at friday.

and today evening the agent called me and said that loan is rejected by the bank and i need to have a co-applicant(only family member) who is living in chennai :-/

In my opinion, it is you who is at fault. Never take anything for granted, unless you have written confirmation of the same. Why go ahead and book the Palio without a loan approval letter?

Each bank has its own criteria for approving / disapproving loans. Just because you apply does not mean that it must be approved. I am editing the thread title to a more appropriately worded one.

[Rahulkool]

Originally Posted by GTO

In my opinion, it is you who is at fault. Never take anything for granted, unless you have written confirmation of the same. Why go ahead and book the Palio without a loan approval letter?

Each bank has its own criteria for approving / disapproving loans. Just because you apply does not mean that it must be approved. I am editing the thread title to a more appropriately worded one.

i think you didn't got my point GTO, each bank has their own criteria but they should have reject my application in first place. why they have wasted my time, does 5 days sound ok to you for just to tell that loan will be approved or not.

PS: you took the liberty and changed the title, at least you should have waited for my reply, but who cares you are the admin :P

[satish_appasani]

I had the same issue when i booked my Palio in 2004. Dealer delivered the car on the same evening ICICI agent came and checked my address. Bank denied the loan two days later. Then i had to get my father as co-applicant. All through this process i had ny car.